- XRP price spiked to $2.32 on Monday, but struggled for traction above $2.25 for the last three weeks. How healthy are but its fundamentals?
XRP price is trading downwards in the early hours of Tuesday, but hanging on above the $2.20 support. The coin has been on an upward momentum for the last four days and spiked to two-week highs of $2.32 on Monday, signaling a potential explosion of its bullish undercurrent.
As of this writing, XRP price is at $2.21, down by 0.9% on the daily chart. Nonetheless, at its current level, the coin is above the Volume Weighted Moving Average (VWMA) level, which is at $2.15 on the daily chart frame. This set up raises the prospect of the coin staying above the $2.20 support in the near-term. That said, the $2.25 mark has been a resistance level for the last three days, and the upside traction will depend on the ability to flip it into a support level.
What’s Moving XRP Price?
Investors are crossing their fingers that Securities and Exchange Commission (SEC) will approve some or all of the seven XRP spot ETF applications under review. If that happens, it could bring high volume institutional investment in the asset as seen with Bitcoin and Ethereum. In the latest development, Bloomberg estimates that there is a 95% chance of approval, similar to Solana and Litecoin’s chances.
Meanwhile, Ripple Labs has launched XRPL EVM sidechain on the mainnet, enabling seamless interoperability across XRP and Ethereum networks. Also, developers can now build EVM-compatible dApps and pay gas fees using XRP. That means a new use case for the coin, which augurs well for the price upside.
XRP Price Prediction
XRP price pivot mark is at $2.20 and the upside will prevail if the price action stays above that level. The coin will likely meet the first resistance at $2.22. However, a stronger momentum will break above that level, creating a path to potentially head higher and test $2.24.
On the other hand, action below $2.20 will favour the sellers to take control. That will likely see primary support established at $2.19. The upside narrative will be invalid if the XRPUSD pair breaks below that level. Also, an extended control by the sellers could send the price lower and test $2.17.
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